Obama details capital gains, dividend tax plans
Sen. Barack Obama's campaign on Thursday spelled out the details of the Democratic presidential candidate’s tax plan on his website and in an op-ed piece in the Wall Street Journal.
I just wanted to note the basic proposals for capital gains and dividend tax rates here:
--- Families with incomes below $250,000 would pay current capital gains rates (a maximum tax of 15% on gains on assets held more than one year). Those earning more than $250,000 would face an increase -- a top rate of 20%.
--- The top dividend tax rate would remain the current 15% for those earning less than $250,000, but would rise to 20% for those earning above that threshold.
--- For single people, the tax increases above would apply to those earning more than $200,000.
The presumptive Republican nominee, Sen. John McCain, has endorsed keeping President Bush’s current tax rates as they are.